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Financial Results for Full Year 2008: NicOx in a Unique Position to Deliver Significant Shareholder Value
Date:2/26/2009

revenues were due to payments received in previous years from NicOx' partnered programs with Merck & Co., Inc. in the antihypertensive field and Pfizer Inc in ophthalmology.

Operating expenses totaled EUR86.4 million in 2008, compared to EUR61.8 million in 2007. The majority of these expenses were associated with the phase 3 clinical program for naproxcinod in osteoarthritis (OA) patients, which was successfully completed in the second half of 2008. Naproxcinod is the first Cyclooxygenase-Inhibiting Nitric Oxide Donator (CINOD) and a New Drug Application (NDA) submission to the US Food and Drug Administration (FDA) is projected for mid-2009. NicOx' net loss was EUR73.9 million for the full year 2008, compared to EUR32.1 million in 2007.

On December 31, 2008, NicOx had cash, cash equivalents and financial instruments of EUR104.7 million, compared to EUR172.8 million on December 31, 2007.

Considerable progress made in naproxcinod pre-commercialization activities

In 2008, NicOx signed two major manufacturing agreements to prepare the commercial launch of naproxcinod. In September, an agreement was signed with Capsugel, for the commercial manufacture and supply of naproxcinod capsules and in December, an agreement was signed with DSM for the commercial manufacturing and supply of naproxcinod drug substance (Active Pharmaceutical Ingredient, API). The aim of these agreements is to ensure sufficient commercial supplies of naproxcinod to underpin its successful market launch.

NicOx is currently in discussions with a number of companies regarding a potential commercialization agreement for naproxcinod. NicOx aims to retain certain commercialization rights for naproxcinod, in order to fully exploit the drug's commercial and strategic value and aid the Company's planned transition to a self-sustainable pharmaceutical business.

Completed phase 3 program confirms naprox
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